In the seller’s market that Nevada — and much of the country — is currently experiencing, it takes strategy to purchase a home. That means getting preapproved before you start shopping, so you know exactly how much house you can afford. Just as importantly, it tells the seller that you’re a serious buyer.
In real estate, there are buyer’s markets and seller’s markets. But it’s been a very long time since Nevada has seen a seller’s market like this, if it ever has.
“Normal inventory is a 6-month supply, now it’s days or hours,” says Gary MacDonald, Dickson Realty agent and president of the Reno-Sparks Association of REALTORS®.
MacDonald says there are a couple of reasons for this unprecedented market. “It’s a perfect storm of low supply, high demand and low interest rates.”
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Nevada Housing Division (NHD) officials will be the first to admit that a year ago at this time, they could not have predicted what their year-end report would look like. Though we’re guessing they’re not alone in that.
“Though it was a rough year for Nevada and its residents, we’re pleased that our agency was able to assist so many Nevadans through our programs,” said NHD Administrator Stephen Aichroth.
